Sales of electric cars topped 2 1 million globally in 2019 surpassing 2018 already a record year to boost the stock to 7 2 million electric cars 1 electric cars which accounted for 2 6 of global car sales and about 1 of global car stock in 2019 registered a 40 year on year increase. Asia pacific was the highest revenue contributor accounting for 84 84 billion in 2019 and is estimated to reach 357 81 billion by 2027 with a cagr of 20 1.
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Among all the regions europe is expected to witness the fastest growth in the market during the forecast period mainly due to the rapidly rising adoption of electric cars in countries such as norway germany and the u k.
Electric car industry overview. 76 of electric car market growth between 2019 2023 will come from the asia pacific region. The electric car market year over year growth rate for 2019 is expected to be nearly 49. The electric car sales are expected to reach 5 3 million units globally by 2023 at a cagr of 33 6 between 2017 and 2023.
According to international energy agency iea electric vehicles will make 40 of all passenger. As technological progress in the electrification of two three wheelers buses and trucks advances and the market for them grows electric vehicles are expanding significantly. China japan south korea singapore and australia are the major revenue contributors in this region.
Global electric vehicle market. Created in industrial sectors closely tied to auto manufacturing advanced batteries and research and development. Drivers who switch to electric vehicles will have more disposable income to spend in other sectors of the economy such as housing and services.
Listen to audio version. The global electric vehicle market is on the verge of a making a gigantic leap as product innovations sustainable initiatives and consumer demand comes together to create tremendous futuristic prospects. The global electric vehicle market was valued at 162 34 billion in 2019 and is projected to reach 802 81 billion by 2027 registering a cagr of 22 6.
The automotive industry in the countries such as china japan and south korea is inclined toward innovation technology and development of advanced electric vehicle. The electric share of total vehicle sales is still small but it is rising fast. The global electric vehicle market demand was estimated at 8 6 million units in 2018 and it is projected to reach 40 6 million units by 2026 ev industry exhibiting a cagr of 21 1 during the forecast period.
Markets like china and parts of europe achieve much higher penetrations but lower adoption in emerging markets reduces the global average. Moreover electric vehicles are much cheaper to operate than conventional vehicles. Ev share of new car sales.
By 2040 over half of all passenger vehicles sold will be electric. The increasing demand for reducing carbon emission and developing more advanced and fast charging stations are expected to propel the growth of electric vehicle.
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